Can someone teach me home budgeting.?

Question

I ussually have trouble making my budget at home. I cannot meet both ends.Can someone teach me the right way?
I tried it on weekly basis, daily basis but it doesn't work.

Answer 1

Budgets work best on a monthly basis.

I created a budget in Excel. It has budget for monthly and annual on one page. If you'd like a copy, just email me. I'm more than happy to share it!

Answer 2

I do a monthly and pay day budget (weekly or bi-weekly depending on how often you get paid).

But that isn't the first step. First you need to list all your debts and obligations. Everything from housing/rent; utilities to day care; blow money to savings.

Then write up a monthly budget. You need to do this before the start of each and every month. You have to do it each month because some months have 5 Fridays and if you get paid every week on Friday- you will have 5 pay checks. Some months you have to pay care insurance some you don't, etc. Figure out how much you get paid for the month. Right now, I suggest you work out the last two weeks of March but start April's budget also.
Then plug in what you need to pay. At the end of the budget you should be at zero. Meaning, you need to put all your money in your categories. Sometimes that means putting money in savings for May's budget (car insurance is due in May) or putting money in an emergency fund, etc. Make sure you give yourself a "blow" category. This category is the cash you get spend and not have a name for it. It should be pocket money not hundreds of dollars.

After you get the month done, take the monthly budget and transfer it to your "pay day" budget. We get paid bi-weekly but on opposite weeks so I plan the "pay day" budget for each Friday. You need to figure out when the things on the monthly budget get paid during the month. Say the cable bill is due the 15th and the house payment is due the 1st. Well the house would be paid with the March 30th paycheck and the cable would be paid with the April 13th paycheck (the paychecks closest but before the due date).

The budget forms I started from are from Dave Ramsey. He goes into the above budget in greater detail. He has sample budget forms on his website. We now use Excel (so it can do my math for me) but you can keep using paper and pencil as long as it works.

Check out his website for more details. We have been using his system of budgeting and paying things off for over a year and we have paid over 15k off; and we don't have all the stress about money any more! (His book The Total Money Makeover is great too)

Answer 3

I do it by the way I get paid, I get paid monthly so I write out the days/dates of the month along the left hand side of the page then beside each date I write the bill/ payment to be made for that day ie

Mon 1st BT Direct Debit £40.00
Tues 2nd
Wed 3rd Childcare costs £120.00
Thurs 4th Shopping maximum £80.00
...

I then know exactly what is coming out and when. If you get paid monthly try and get all your direct debits to come out a few days after you get paid so that the bills are paid first.

Although it is better to leave money in your bank account - a good way to start is say to allocate £50 a week to food shopping , so if you get paid monthly lift £200 and put it in a safe place as home.

Best get yourself a calendar and a calculator - it gets easier the longer you do it.

Good Luck

Answer 4

Log everything you pay for (this includes goods, services, bills, etc) one complete month. After one month review your budget you have now, review with your purchases for one month, and you'll see where your problems lie. Takes lots of hard work and dedication to do a budget and stick to it. I know because it took me almost bankruptcy before I figured out I needed to set a budget and follow it all the way.

Answer 5

First you need to write down what is your budget. Next, take the budget and deduct the necessity such as utilities, basic food items, phone, taxes, car, gasoline, etc.. with the balance (if any) you can then treat yourself to something you fancy. It is the petty expenses that empty the purse.

Answer 6

A credit counselor can help you develop a budget. They ask you several questions and walk you through the process. Then they can supply you with a print out of your budget.